Many mortgage lenders are reporting that 2026 may be a good year for first-time home buyers.
There are several reasons for this, not least the growing confidence in the housing market by younger people aged 18 to 34. Many in this cohort, almost 60%, have saved enough money to put a good-sized deposit down for their house of choice. Solicitors in Conwy continue to ensure their clients who are first-time buyers will receive appropriate and current advice.
These recent figures are viewed as a positive outcome for many, since the priority for both the banks and the government is to increase the number of first-time property buyers. Younger people, often referred to Generation Z, are more likely to have a deposit amount of about £19,000, lower than some other adult cohorts, but significant enough to set them on the right path to home ownership. It is expected that another £8,000 could be added to this amount throughout 2026, giving a significant amount to start looking for a house.
Many first-time buyers are more likely to purchase a new build house rather than an older property. To afford these homes, a large proportion of buyers are choosing a mortgage with an 85% to 90% loan to value ratio.
Here at Bennett Smith Solicitors, we can offer bespoke advice for first-time home buyers. If you’re looking for legal advice when investing in your first house, contact us today to book an appointment.
